Serge Pun, the former executive chairman of Singapore-listed Yoma Strategic Holdings Limited, was charged with money laundering and illegal transactions in late July after being detained by Myanmar’s military junta for over a month.
The 71-year-old businessman, once known as “Burma’s Mr. Clean,” faces two additional charges: misusing public funds and harming the interests of Myanmar’s national government. The charges stem from allegations that he used criminal proceeds from online scam centers to fund the expansion of Star City, a large-scale real estate project in Thanlyin Township, Yangon Region. Sources also revealed that Chinese authorities had requested the regime investigate the funding sources for Star City’s growth.
In addition to Pun, Yoma Bank’s director and CEO, Ba Maung Sein, senior manager Zarni Tun, and two other bank executives are also set to face prosecution, although details on their charges remain undisclosed.
Kyaw Khiang Win, Yoma Bank’s chief finance officer, has been named as a witness in the case against Pun and his associates.
Pun’s downfall began in June when he and other senior Yoma Bank members were questioned and subsequently detained by the junta. They are accused of violating financial regulations by providing mortgages through Yoma Bank to Myanmar nationals buying property in Thailand and for exceeding the central bank’s housing loan cap.
After his detention, Yoma Strategic Holdings informed the Stock Exchange of Singapore that Serge Pun was cooperating with Myanmar authorities and had not been formally charged. In late July, Pun resigned as executive chairman of Yoma Strategic Holdings after 17 years in leadership. The company stated that his decision would allow him to focus on resolving the issues with Myanmar authorities and ensure the company’s stability.
Pun also stepped down from leadership positions in 105 Yoma firms, including First Myanmar Investment, SPA, Pun Hlaing, and Myanmar Thilawa Special Economic Zone (SEZ) Holdings. Yoma’s vast business interests span banking, healthcare, real estate, tourism, automotive, and consumer services, with significant investments in Thilwa SEZ, a project supported by the governments of Myanmar and Japan.
